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Cyprus' Laiki Bank Lowers ATM Withdrawal Limit To €100
With its banks indefinitely closed, and capital controls already in place making it virtually impossible any material cash will leave the local bank branches or certainly the island (especially in direction Moscow), gas stations about to shut down due to lack of cash, next it was the turn of the ATMs. Sure enough, as CNBC's Michelle Caruso-Cabrera reports on the ground from Nicosia, moments ago the nation's second largest, and second most insolvent bank, Laiki Bank, announced that withdrawals are now limited to €100. The picture below from MCC shows as an employee takes down old sign that said previous €260 limit. At this pace, in lieu of some grand bargain, we expect it is only hours before the final limit is imposed: withdrawals now limited to €0.
"Employee takes down old sign that said previous €260 limit"
Source: Michelle Caruso-Cabrera
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Where's the $600 I lost to I-Option ? I'm not gonna defend Euro nation building .... but, the PIGS + Cyprus gamed the system like Baltimore niggers with 6 Obama phones !
monedas - i find your post HIGHLY offensive...the vary idea that you would use l-option......!
At least I got out in time .... heh, heh .... it was like flipping coins .... if you called it .... you got as much as 80 % .... flipping coins on the street you get 100% .... this was well over a year ago .... but I remember they were located in Cyprus .... can you imagine the fun, now .... at one point I was ahead and they sent me money .... that was fun and of course there were FEES ?
She's probably ordering several ounces of coins from APMEX on her credit cards....
Around Easter is a busy time for Europeans to visit Cyprus, especially Brits. I wonder how they feel at having their vacations wrecked by not being able to pull any € cash out of the darned ATMs to spend in bars/restaurants. This pantomime will damage its tourist industry.
We will also tell you how to collectively spend your ATM withdrawl rations. One ounce of vodka and 454 grams of beets. LOL
Not vodka, Victory Gin!
Someone with a suitcase full of paper fiat should go setup a cash4gold there.
Converting worthless paper into valuable metal....sounds like a plan!
The only ones that look like geniuses in this debacle are the Brits who flew in the million euros for their troops. Their only mistake may be they didn't fly in enough.
Not to mention that they actually joined the Eurozone in January 1973 but then declined to join the monetary union under the Euro. Britain still has its printing presses. So basically the bottom line is that Britain can still print its way out of debt by defaulting in the "acceptable way" of paying back bond holders in devalued currency. Meanwhile, back at El Rancho Europeo all the members of the monetary union who have given up their printing presses don't have the luxury of defaulting in the "acceptable way" and only have the option of defaulting in the more honest but highly condemnable way of declaring bankruptcy. So the monetary union members are, well what's the correct word? Oh yeah.... "FUCKED".
Is there any doubt that 20 years ago the Bank of England didn't foresee the disaster that is coming?
Everyone is watching the Cyprus BS while this is going on:
Canonical Teams With China to Create National OS On Thursday, Canonical said that it has formed an alliance with the China Software and Integrated Chip Promotions Center (CSIP) which is part of the Chinese Ministry of Industry and Information Technology (MII). This alliance has created a new reference architecture based on Ubuntu that will become the standard operating system in China.
Over the next 12 to 24 months (or sooner), this will effectively kill business opportunities in China for:
Microsoft (windows and office revenues) Google (search (china created their own search) and android revenues) Amazon (china created their own amazon) Apple (iPhone (china creating their own hardware)
There has been a shift in Software innovation from US commercial developers (microcoft, apple, been shifting to open source initiatives. Now that China is embracing the open source community for new technologies that eventually become closed china centric technology (like the special version of ubuntu os), who knows what will be the final global impact. For sure, it will not be good for US companies...our hope lies in the US technology companies waking up and restarting our innovation centers like Silicon Valley CA was 50 years ago....it can happen. The article is worth reading: http://www.tomshardware.com/news/Ubuntu-China-Kylin-CISP-Chinese-Ministry,21676.html
No worries, Sheryl Sandberg will save America.
And Marissa Mayer
CIA buys 600M dollar cloud from Amazon for data storage...
http://www.youtube.com/watch?feature=player_embedded&v=6uu1w47LYVo
It's for the war on terror I guess....You and I
Database driven intelligence. Natural extension of Database Driven Policing; the database says there is a high chance a crime will occur within a certain 2 hour window in a 2 block radius, so you put a patrol car nearby so they can respond instantly.
Persons of interest....The TV show?
I think this particular Cloud storage is for the new facility in Utah that's almost finished.
I don't think the multibillion dollar NSA facility needs Amazon cloud services. The CIA's $600 million Amazon service is $600 million over 10 years = $60 million per year. The NSA facility is >$2 billion just to construct, and probably >$100 million annual operations.
http://www.dailytech.com/Report+CIA+Steps+Aboard+Amazons+Cloud+With+Secr...
The day may arrive when even 100 euro withdrawl limit may be remembered with nostalgia.
That day is 2 weeks away.....
That is very optimistic of you.
Merkel and LaGarde order European officials to begin to "sacrifice" Cypriots in the name of shitty banking and corrupt morals every hour until Cyprus lays down its pants for the austerity boner in butt.
The Cyprus people knew it was coming, but they kept their money in banks anyway. I stole this letter off another site.
Hey fam!Things are getting pretty crazy over here in Cyprus. I don’t know if you guys have been watching the news or seen things online, but Cyprus is on the verge of economic collapse.
Over the past 5 years the Cyprus stock market has lost 98% of its value and the country has recently entered into a severe economic crisis, considered worse than Greece, Italy, Spain, Portugal etc.. As of last week the two largest banks in the country have completely shut down and froze all wire transfers out of the banks. Walking outside every day this week I have seen massive lines of people at the ATMs trying to withdrawal the maximum amounts. Today there was a man who was trying to get money out and when he realized it was out of cash he shook the machine violently and punched the display while cursing in Greek. If these banks go under (and this may happen) ALL money and all deposits will be lost, which will completely destroy the economy and way of living here.
Last week the European Central Bank offered a multi-billion Euro bailout package to Cyprus in exchange for a massive tax on all civilian bank accounts in the country. If this goes through (and I hope to God it does NOT) It will also devastate the economy and cause a giant run on the bank. Cyprus has also looked to Russia for help because Russians hold tens of billions of euros of investments in Cyprus (and the majority of bank deposits), however, Russia declined.
As it stands now, nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employees OR pay for the stock they receive because the banks are closed. If the banks remain closed, the economy will be destroyed and STOP COMPLETELY. Looting, robberies and theft are already on the rise. If the banks open now, there will be a massive run on the bank, and the banks will FAIL loosing all of its deposits, also causing an economic crash. TONIGHT there are demonstrations at most street corners and especially at the parliament building (just 2 miles from me).
Many are thinking that the ECB and EU are allowing Cyprus to fail as a test ground for new financial standards.
Just wanted all you guys to know the real story of whats going on here. Prayers are appreciated (although this is very interesting to watch) many of my local friends have lots of money in the banks.
<<Looting, robberies and theft are already on the rise.>>
sounds like the average american city and we don't even have bank runs yet.
That's enough money to buy Sharpies and poster board for their upcoming "riot".
Or make 200 molotov cocktails.
GDP = C + I + G + (x-i) = BAilMeOuTFuCknUts
http://www.telegraph.co.uk/news/worldnews/europe/cyprus/9950797/Cyprus-f...
One day all countries will be as cool as Cypris.....one day...
;-)
Rules for Playing Chicken-Global Currency Wars, Version '13
1) Lie and Baffle with BS, Continue Until Next Crisis
2) Shutter Banks of 'Select' Few; Who have Deposits of Those that Arent Agreeing to Invading Proxy Run Countries
3) Have Heads of States Claim 'All Is Improving' During Open Market Hours, Start More Rumors 'Deal is Near'
4) Deny, Deny, Deny
5) Remove Pesky Journalists, Newscasters, etc When Necessary
6) Have at Least 2 Minions to 'Sacrifice' for The Greater Good
7) Repeat
8) Make economic alliiances against Western finance and politics
Xi pushes for closer ties with Russia"China's President Xi Jinping has made a case for closer economic and foreign policy co-operation with Russia, using a speech at a Moscow university on Saturday to argue the countries have converging goals, including an expansion of the oil and gas trade, as they pursue dreams of ''national revival'' and seek to offset the influence of the developed West."
http://www.smh.com.au/world/xi-pushes-for-closer-ties-with-russia-201303...
Monday morning quarterbacking : the wisdom(?) of hindsight.
I wonder if the Cypriot President sitting in Brussels this evening is not shitting hot conkers...
"Why didn't I take the PREVIOUS offer instead of heading the revolt to refuse THAT haircut. Its seems Soooooo small to what's happening now!"
Yep, you should have said "yes" then to Mutti's offer...6.5% + 9.9%...seems so small now.
I'm sure the savvy Z/H readers understand. So much for the night life blood in Cyprus. This is a travesty unfolding before our eyes. Major mismanagement, and complete lack of wherewithal. Is this the best Cyprus has?
Banks failing is one thing. Disrupting the flow of 'day to day' commerce, is 'jumping the shark'. re; € 100 per day withdrawals.
Well I wonder who put a gun to their head to buy all that Greek debt?
Would you buy any Government bonds/debt? anywhere?
I wouldn't touch any of it with a circus pole.
There are two ways to get money out of an atm, the easy way, or the hard way.... which is it going to be atm? your choice. (Pickup Truck slowly backing up, and the rattle of chains scraping the side-walk).
And this robot chicken Star Wars sketch on Lando lamenting how the deal keeps being altered by Darth Vader pretty much sums up the whole Cyprus mess so far.
https://www.youtube.com/watch?v=WpE_xMRiCLE
Cyprus and the Troika have agreed to a 20 per cent tax on deposits over 100,000 euros at the Bank of Cyprus and 4 per cent on deposits held at other banks
This was from RT but it was published time: March 23, 2013 18:31
So Everything appears to be fixed now.
Is Greece going to default?
At some point I'd go long on chains and pickup trucks for atm cash withdrawals.
Sorry, all available chains and pickup trucks are pre-booked for the foreseable future. I believe someone is planning to take the EU-crats and elites round the London M25 for a run...ha-ha
i am surprised how unprofessional they are. They should have declared the bank bankrupt a week ago and assign an administrator to split the bank into good and bad part. Over weekend the ATMs would be already open and there would be much less panic
Look for ATM fees to rise to 99.99 euros per with drawl?
Look for ATM fees to rise to 99.99 euros per withdrawl?
Won't the supply lines break and then the cash will buy almost nothing.
She grins as she is screwing her own people. I know she's just the messenger.
Fuck it is gonna take me a long time to get my 100,000 euros out! Should have started withdrawing yesterday. Glad the rest of my euros are safe in Greece...
I've seen a few "thanks Tyler" type posts here over the past few days, and uparrowed them all, but a personal thank you for being the only website that I know of that is covering the current raging insanity in any kind of depth. Thanks ZHers for much insight and humour, too.
Sadly, at this point they should trot out a gas station sign.
Glass-Steagall